Open securities: coal stable dividend can still be configured

Yangtze Securities pointed out that the current domestic economic operation is slightly weak, and overseas markets face the pressure of Trump's tariff policy after taking office. The United States is in a period of interest rate cuts and domestic interest rates have also entered a downward channel. The steady dividends of coal can still be allocated. In addition, insurance funds completed the assessment at the end of November 24, and have now begun a new period of layout. The dividend sectors such as coal with state-owned background have low risks and may become the preferred direction for insurance funds to allocate. After the opening of the two sessions in March, both thermal coal and coking coal prices are at low levels. With the continuous improvement of supply and demand fundamentals, these two types of coal are expected to stabilize and rebound, with thermal coal having some elasticity within a range and coking coal having complete elasticity. The current macroeconomic policy has shown strong momentum, and the market is more hopeful for the real effects of the policy reflecting in demand after its implementation. After the 2025 "two sessions", the implementation of policy proposals and the arrival of the spring construction season will likely lead to an upward trend in coal demand and prices, and the cyclical nature of coal stocks will become evident. The coal sector is expected to usher in a new start for layout.